Totalitarianism in all its forms—including, of course, National Socialism—ought to be condemned. But why do the Soviet totalitarians get so much sympathy?
Since GDP is expressed in dollar terms, the so-called real GDP fluctuations are in response to the fluctuations in the quantity of dollars pumped into the economy.
After many months of covid stimulus, there's a bonanza in US pandemic profits. But unlike price inflation, these profits really are likely to be transitory.
The central bank can manipulate the interest rate to whatever level it desires. But it cannot control how the interest rate is dictated by each individual's time preference. That's a problem.
The classical gold standard brought the rise of central banks and state-imposed monetary "standardization." This set the stage for later monetary disasters.
Joe Biden thinks that unless there's widespread government intervention in the economy, economic inequality "brews and ferments political discord and basic revolutions."
